13.09.23-Wednesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 20110.15, our expected opening band 20010-20045 on opening move, the Index made a day high 20110.35 thereafter; it moved down, made a day low 19914.65 and closed at 19993.20 on a negative note with intra loss 3.15 points, i.e.,-0.02%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 20010-20020-20040 levels; if open, trade and sustain above 20040 then, the index may test 20055-20070-20090-20110-20135-20165-20200 levels. On the other hand, the immediate support lies at 19975-19940 if, the Index moves below 19940 then, it may try to re-visit 19915-19890-19865-19850-19815-19795 levels.

Special Mention: Yesterday, Nifty Index continued the Northward rall till 20110, the intra sell-off dragged till 19914.65 and closed above 19992 levels; if the Index in the near term moves and closes above 20k levels for three consecutive trading sessions, then it may re-test 20200-20375 levels. On the other hand, the strong support lies at 19760-19585 if the Index moves and closes below 19585 then the Index may try to re-visit 19450-19390-19225 levels in the near term. Let see how the Index opens today at 20010-20020-20040 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened on a positive note at 45893.80 on the opening move, it made a day high 45893.80 thereafter, it moved  down, made a day low 45322.55 and closed on a negative note at 45511.35 with an intra loss 59.35 points, i.e., -0.13%, today the Nifty Bank Index must move above 45565-45610 levels; if to do so, then it may try to test 45675-45725-45770-45830-45895-45975-46050 levels. On the other hand, any weakness near 45565-45610 further, it moves below 45460-45420-45390 then, the Index may re-visit 45325-45280-45230-45120-45040-44950 levels.

INDIA's Macro Data:

On 01st Sep'23, the S&P Global Manufacturing PMI data for the month of Aug'23 released, it moved up to 58.60% from 57.70% (Jul'23). Likewise, the S&P Global Services PMI data for the month of Aug'23 released on 05th Aug'23, it  moved down to 60.01% from 62.30% (Jul'23).

The RBI MPC meet held on 10th Aug'23-Thursday,  the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q1 ending Jun'23 released on 31st Aug'23-Thursday, the GDP moved to 7.80% Vs.6.10% (Q4-Mar'23). 

IIP data for Jul'23 released on 12th Sep'23-Tuesday, the data shows that, the Industrial production has moved up to 5.70% when compared to the Jun'23, it stood at 3.70%. 

Annual Inflation data for Aug'23 releasd on 12th Sep'23-Tuesday, it shows that the Inflation has come down to 6.83% from Jul'23 level i.e., 7.44%.

WPI Inflation data for the month of Jul'23 released on 14th Aug'23-Monday, it has further moved up to -1.36% as against the Jun'23 level i.e.,-4.12%.

Wishing you for a safe, secured and profitable trading.

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The writing in the above daily market update should only be construed as guidance. I assert that any business or investment decisions should not be based purely on the information presented in the daily market update. As a Research Analyst, I will not be responsible for any losses incurred by a visitor/investor/client, as a result of decisions made based on any information given in the daily market update.

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